NEW YORK, Nov. 12, 2020 /PRNewswire/ -- CIT Group
Inc. (NYSE: CIT) today announced that its Sponsor
Finance business, part of the Commercial
Finance division, served as joint lead arranger and joint
bookrunner for a $70 million
financing on behalf of Estyle Holdings Inc., makers of Eco Style hair gel and a wide range of other
beauty and personal care products.
Based in Jacksonville, Florida,
Estyle sells its products through distributors, beauty supply
stores and leading national retail chains, targeting multicultural
consumers.
The new $70 million senior secured
financing consists of a revolving credit facility, delayed draw
term loan and a term loan to support the recapitalization of the
company by Clarion Capital Partners.
"We are pleased to partner with CIT on this transaction," said
Edward Martin, Principal of Clarion
Capital Partners. "CIT worked proactively and constructively
through a difficult environment to support this transaction. We
look forward to continuing that partnership approach with CIT to
support the business to achieve its future strategic plans."
"We are pleased to arrange financing to support Clarion's
investment in Estyle and are looking forward to supporting the
company's continued growth," said David
Harnisch, CIT's president of Commercial Finance and Real
Estate.
CIT's Sponsor Finance group provides cash flow and asset
based senior debt for private-equity backed transactions in the
middle market throughout the United
States.
About CIT
CIT is a leading national bank focused on empowering businesses
and personal savers with the financial agility to navigate their
goals. CIT Group Inc. (NYSE: CIT) is a financial holding company
with over a century of experience and operates a principal bank
subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The
company's commercial banking segment includes commercial financing,
community association banking, middle market banking, equipment and
vendor financing, factoring, railcar financing, treasury and
payments services, and capital markets and asset management. CIT's
consumer banking segment includes a national direct bank and
regional branch network. Discover more at cit.com/about.
MEDIA RELATIONS:
John M. Moran
212-461-5507
john.moran@cit.com
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SOURCE CIT Group Inc.